(Reuters) - Pluralsight (NASDAQ:PS) Inc said on Monday private equity firm Vista Equity Partners had increased its all-cash offer for the U.S. learning software company by 11% to $22.50 per share.
The increased bid by Vista comes after some investor groups had said the initial offer was not sufficient and complained about how Pluralsight had run its sale process.
Shares of Pluralsight rose 7.3% to $22.06 on Monday after Vista raised its bid from $20.26 per share.
The equity value for the amended deal is about $3.6 billion, a Pluralsight spokesperson said. In December, Vista Equity first agreed to acquire Pluralsight in a deal valuing the learning software company at $3.5 billion.
Monday's revised offer represents an 18.5% premium to Pluralsight's close on Dec. 11, the last close before the bid was first announced.
Vista will commence the tender offer on or before March 10, with the deal expected to close in the second quarter of this year, Pluralsight said.
Vista, led by billionaire Robert Smith, has over $73 billion in assets under management, and specializes in investing in enterprise software, data and technology companies.
Silicon Slopes, Utah-based Pluralsight sells software to companies through its Skills and Flow product lines, which helps offer courses and analytics services.